No. That’s because everybody else whom applies for the loan will need to have an affordability evaluation performed on it and have now a credit search operate on them – all FCA-authorised and regulated loan providers want to do both. Fully guaranteed pay day loans aren’t controlled because of the FCA.
No loan provider or broker can guarantee an online payday loan before somebody is applicable they need to make a decision because they don’t have the information.
Do cash advance loan providers charge a lot more than other loan providers?
Pay day loan loan providers and loan that is short-term do fee significantly more than other loan providers. But, because all agents and loan providers must show the representative APR of these loans on their internet sites, it may be quite confusing to sort out by exactly how much.
The representative APR is exactly exactly what 51% or even more of a lender’s borrowers spend in interest. Continue reading